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Oil prices soar as UN approves no-fly zone in Libya

Posted By admin On March 18, 2011 @ 5:52 am In Money Watch | Comments Disabled

IB Times [1]
March 18, 2011

Crude oil prices rose in Asian trade on Friday, after the United Nations (UN) approved the imposition of a no-fly zone over Libya, raising fresh fears over oil exports from the country.

The light sweet crude for April delivery gained $1.65 to $103.07 a barrel on the New York Mercantile Exchange. Brent crude was up $1.56 to $116.46 a barrel on the ICE futures exchange in London.

Crude oil prices have increased 13 percent since the beginning of the year, following continued unrest in some Arab nations.

Libya’s oil output has dropped by more-than two thirds since the rebellion against Gadhafi began in February, AFP reported last week, quoting Shukri Ghanem, chief of National Oil Corp. Oil production has been reduced to just 500,000 barrels per day from 1.6 million barrels.

Full article here [1]

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Oil prices soar as UN approves no fly zone in Libya  101210banner4 [3]

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URLs in this post:

[1] IB Times: http://uk.ibtimes.com/articles/124293/20110318/crude-oil-united-nations-no-fly-zone-libya-light-sweet-crude-brent-crude-un-security-council-barack.htm

[2] Stock up with Fresh Food that lasts with eFoodsDirect (AD): http://www.efoodsdirect.com/

[3] Image: http://www.stansberryresearch.com/pro/1011PSIENDVD/PPSILC35/PR

[4] Opec income hits record as oil prices soar: http://www.prisonplanet.com/opec-income-hits-record-as-oil-prices-soar.html

[5] Gas prices soar, reach $5 in some states: http://www.prisonplanet.com/gas-prices-soar-reach-5-in-some-states.html

[6] Oil prices hit five-month low: http://www.prisonplanet.com/oil-prices-hit-five-month-low.html

[7] Oil Prices Enter The Danger Zone: http://www.prisonplanet.com/oil-prices-enter-the-danger-zone.html

[8] Goldman Sachs predicts fall in oil prices to $45 a barrel: http://www.prisonplanet.com/goldman-sachs-predicts-fall-in-oil-prices-to-45-a-barrel.html

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